ISLAMABAD: The Cabinet Committee on Privatisation (CCoP) granted approval for the auction of 27 land assets owned by the federal government in a meeting presided by Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh.
The announcement was made via a press release issued by the Minister of Finance.
The bidding process is scheduled to start in March and is expected to be completed by April, the statement further read.
The matter was earlier taken up with the Transaction Committee, Inter-Ministerial Committee and Privatisation Commission board for approval and discussion on various recommendations regarding the open auction bidding procedure.
According to Secretary Privatisation Commission Rizwan Malik, the reference price of the 27 land assets is estimated to total over Rs6.5 billion. The sum will be distributed amongst different federal government divisions and entities.
The board meeting for the Privatisation Commission undertook the arrangement of the transaction structure, which was further approved by the cabinet committee meeting.
Initially, 32 land sites owned by federal government entities were identified, out of which 5 were removed. The government decided to utilise two land assets in Karachi and one in Lahore worth over Rs5 billion for the Naya Pakistan Housing Scheme.
For news and blogs, visit Graana.com.